2025.12. 08 总额超六百亿！中国中冶(601618.SH)深夜公布了一项"大交易"。 12月8日晚间，中国中冶宣布，拟将旗下中冶置业100%的股权及标的债权出售给五矿地产；将有色 院、中冶铜锌、瑞木管理100%的股权和中冶金吉67.02%的股权出售给中国五矿；华冶杜达100% 股权，也拟出售给中国五矿或指定主体。 通过剥离非核心资产，中国中冶将进一步聚焦核心主业，专注冶金工程、有色与矿山工程建设和运 营、高端基建、工业建筑等；而中冶置业相关股权及债权出售给五矿地产，意味着这两大地产平台将 正式实现资产整合。 606亿剥离非核心资产 作为国内大型建筑央企，中国中冶的发展历史超70余年，最早可以追溯到 1948年东北地区解放前 鞍钢、抚矿的护厂队和修造部，在投身鞍钢修复建设中组建新中国第一批冶金建设队伍；在承担武 钢、包钢、太钢、攀钢、宝钢等大中型钢铁工程建设任务中，建立起了自己的科研、勘察、设计和施 工队伍。 经过多年发展，中国中冶逐渐形成了以冶金建设为"核心"，房建和市政基础设施为"主体"，矿产资 源、工程服务、新型材料、高端装备和能源环保为特色的"一核心两主体五特色"业务体系，是国家 确定的重点资 ...

Core Viewpoint - China Metallurgical Group Corporation (China MCC) plans to sell assets worth 60.676 billion yuan to China Minmetals Group and its subsidiary Minmetals Land Holdings, aiming to optimize its business structure and enhance profitability [2][4]. Group 1: Transaction Details - The transaction involves the transfer of 100% equity of China MCC's subsidiary China MCC Real Estate Group and related debts amounting to 46.164 billion yuan to Minmetals Land Holdings [8]. - China MCC will also transfer 100% equity of several other subsidiaries, including China Nonferrous Engineering Co., Ltd. and China MCC Copper Zinc Co., Ltd., to China Minmetals [9]. - This transaction is classified as a related party transaction due to China Minmetals being the controlling shareholder of China MCC [4]. Group 2: Financial Performance - As of the end of Q3 2025, China Minmetals reported total assets of 1.51 trillion yuan and net profit of 15.054 billion yuan for the first three quarters of 2025 [9]. - For the first three quarters of 2025, China MCC's revenue was 335.094 billion yuan, a year-on-year decrease of 18.79%, and net profit was 3.970 billion yuan, down 41.88% [13]. - The financial data indicates a significant decline in profitability for China MCC, with a 67.52% drop in net profit attributable to shareholders compared to the same period last year [14]. Group 3: Strategic Focus - Post-transaction, China MCC aims to clarify its core positioning as a platform focused on engineering contracting and emerging industries [12]. - The funds obtained from the asset sale will be used to strengthen core businesses in metallurgical construction and new industrialization, as well as to optimize financial structure by reducing debt [13].

Core Viewpoint - China Metallurgical Group Corporation (China MCC) announced a significant transaction involving the sale of non-core assets totaling approximately 606.76 billion yuan to China Minmetals, aiming to focus on its core business areas and enhance operational efficiency [2][5]. Group 1: Transaction Details - China MCC plans to sell 100% equity and related debts of MCC Real Estate to Minmetals Real Estate, along with 100% equity of several subsidiaries and 67.02% equity of another subsidiary to China Minmetals [2][5]. - The total transaction value is assessed at 606.76 billion yuan, and it is classified as a related party transaction without constituting a major asset reorganization [5][8]. Group 2: Business Focus and Strategy - The transaction is part of China MCC's strategy to streamline operations by divesting non-core assets, allowing the company to concentrate on metallurgical engineering, non-ferrous and mining engineering, high-end infrastructure, and industrial construction [2][5]. - Post-transaction, China MCC aims to enhance its core competitiveness and sustainable profitability by optimizing its business structure [5][6]. Group 3: Financial Performance Context - In the first three quarters of the year, China MCC reported a revenue of 335 billion yuan, reflecting an 18.78% year-on-year decline, with a net profit of 3.97 billion yuan, down 41.88% compared to the previous year [3][4]. - The company has faced challenges in securing new contracts, with a reported 11.8% decrease in new contracts signed compared to the previous year [4]. Group 4: Market Expectations and Future Outlook - The integration of MCC Real Estate and Minmetals Real Estate was anticipated in the market, especially following Minmetals Real Estate's announcement of plans for privatization [9][10]. - Both real estate platforms have been experiencing financial losses, with Minmetals Real Estate reporting a revenue decline of 21.8% and a net loss of 3.75 billion yuan in the past year [10][11].

Core Viewpoint - China Metallurgical Group Corporation (China MCC) plans to sell 100% equity of MCC Real Estate and related debts to Minmetals Land Holdings, along with other subsidiaries, for approximately 60.7 billion yuan, aiming to optimize its business structure and enhance core competitiveness [1][2][3]. Group 1: Transaction Details - The transaction involves the sale of equity assets and non-equity assets, including 100% equity of MCC Real Estate, 100% equity of several subsidiaries, and 67.02% equity of MCC Jinji [2]. - The total transaction price is approximately 60.7 billion yuan, with a payment structure of 50% within 20 days post-board approval and the remaining 50% on the delivery date [2]. - The transaction is classified as a cross-border deal [2]. Group 2: Strategic Implications - The sale is part of a strategy to focus on core responsibilities and optimize resource allocation, which is expected to improve financial risk management and enhance profitability [2][4]. - Post-transaction, China MCC will concentrate on metallurgical construction and operations, aiming to build a competitive ecosystem across the entire industry chain [4][9]. - The company plans to invest the proceeds into a diversified business system, reinforcing its core business in metallurgical construction and developing new industries [4][5]. Group 3: Financial Performance - China MCC has faced declining profits, with projected net profits of 10.276 billion yuan, 8.67 billion yuan, and 6.746 billion yuan for 2022 to 2024, alongside rising debt ratios [5]. - The real estate segment has been a significant loss contributor, with projected losses of 4.85 billion yuan in 2024 and nearly 1.8 billion yuan in the first half of 2025 [5]. - The divestment of real estate and mining assets is expected to positively impact net profits and help the company navigate through industry adjustments [5]. Group 4: Future Focus - China MCC aims to leverage its strengths in metallurgical construction and new industrialization, focusing on technology research and development, equipment upgrades, and project implementation [7][9]. - The company plans to integrate its resources to expand into smart manufacturing and hydrogen metallurgy, enhancing its competitive edge in emerging industries [8][9]. - The strategic positioning as a leader in international metallurgical construction and a pioneer in new urbanization is set to drive future growth [9].

Core Viewpoint - China Metallurgical Group Corporation (China MCC) announced the sale of its 100% stake in MCC Real Estate and related assets to Minmetals Land Holdings and China Minmetals for a total price of 60.676 billion yuan [1][3]. Group 1: Transaction Details - The transaction involves the sale of 100% equity stakes in MCC Real Estate, Youse Institute, MCC Copper Zinc, and Huaye Duda, as well as a 67.02% stake in MCC Jinji [1]. - This transaction is classified as a related party transaction and does not constitute a major asset restructuring, requiring approval from the shareholders' meeting [3]. Group 2: Financial Allocation and Strategic Focus - Funds from the transaction will be allocated to enhance the core metallurgy construction business, including building advanced research platforms and upgrading manufacturing capabilities [4]. - The company aims to promote new industrialization and urbanization, investing in advanced construction technologies and projects aligned with national strategies for manufacturing and urban development [4]. - Additional funds will support the development of engineering services, new materials, high-end equipment, energy conservation, and digital applications, while also optimizing the financial structure by reducing debt [4]. Group 3: Impact on Company Performance - The transaction is expected to relieve financial burdens and optimize resource allocation, allowing the company to focus on core areas such as metallurgy engineering and high-end infrastructure [6]. - Analysts suggest that while the transaction may weaken the company's non-ferrous metal attributes, it could lead to a revaluation of the company due to improved financial structure [6]. - For the first three quarters of 2025, the company reported a revenue of 335.094 billion yuan, a year-on-year decrease of 18.79%, and a net profit attributable to shareholders of 3.97 billion yuan, down 41.88% [6]. - The decline in performance is attributed to external factors such as decreased demand in the steel industry, sluggish growth in the construction sector, and adjustments in the real estate market, along with internal restructuring challenges [7].

Core Viewpoint - The company plans to sell various assets to optimize its business structure and focus on core operations, which is expected to enhance its competitiveness and profitability in the metallurgy and construction sectors [1][3][7]. Group 1: Transaction Details - On December 8, the company announced the sale of 100% equity in China Metallurgical Real Estate and other related assets to Minmetals Land Holdings and China Minmetals for a total price of 60.676 billion yuan [1]. - This transaction is classified as a related party transaction and does not constitute a major asset restructuring, requiring approval from the shareholders' meeting [3]. Group 2: Fund Allocation and Business Focus - The company will allocate funds from the transaction to strengthen its core metallurgy construction business, including building advanced research platforms and upgrading manufacturing capabilities [3]. - Funds will also be used to promote new industrialization and urbanization, develop advanced construction technologies, and support projects aligned with national strategies for manufacturing and urban development [3]. - Additionally, part of the funds will be directed towards developing engineering services, new materials, high-end equipment, and digital applications, while also optimizing financial structure by reducing debt [3]. Group 3: Financial Performance and Market Impact - The company reported a revenue of 335.094 billion yuan for the first three quarters of 2025, a year-on-year decrease of 18.79%, and a net profit of 3.97 billion yuan, down 41.88% year-on-year [8]. - The decline in performance is attributed to external factors such as decreased demand in the steel industry, sluggish growth in the construction sector, and adjustments in the real estate market, along with internal restructuring challenges [8]. - Analysts suggest that while the transaction will significantly reduce the company's financial burden, it may weaken its position in the non-ferrous metals sector, potentially impacting its valuation [8].

Core Viewpoint - China Metallurgical Group Corporation (China MCC) announced the sale of multiple subsidiaries, including China MCC Real Estate, to China Minmetals or its designated entities for a total transaction price of RMB 606.76 billion [1] Group 1: Transaction Details - The transaction involves the sale of 100% equity of China MCC Real Estate and associated debts for RMB 312.36 billion [1] - Additional sales include 100% equity of Youse Institute, China MCC Copper Zinc, and Ruimu Management, along with 67.02% equity of China MCC Jinji, totaling RMB 294.39 billion [1] - The assessment report by Zhongshui Zhiyuan facilitated the agreed transaction price of RMB 606.76 billion through friendly negotiations among parties [1] Group 2: Strategic Intent - The sale aligns with the directive to encourage central enterprises to focus on their core responsibilities, promote professional integration, and optimize resource allocation [1] - The company aims to enhance its business structure, concentrate on core operations, and improve its core competitiveness and sustainable profitability [1]

Core Viewpoint - China Metallurgical Group Corporation (China MCC) is selling its non-core assets to focus on its main business and enhance its core competitiveness and sustainable profitability [1][2] Group 1: Transaction Details - China MCC plans to sell 100% equity of China MCC Real Estate and related debt to WISCO Real Estate Holdings for a total transaction price of RMB 6,067,632.24 million [1] - The company will also sell 100% equity of its subsidiaries, including Youse Institute, China MCC Copper Zinc, and Ruimu Management, along with 67.02% equity of China MCC Jinji to China Minmetals [1] - China MCC's subsidiary, China Huaye, intends to sell 100% equity of Huaye Duda to China Minmetals or its designated entity [1] Group 2: Strategic Implications - This transaction is a key measure for China MCC to respond to the requirements for central enterprises to focus on their main responsibilities and optimize resource allocation [2] - The company aims to streamline its business structure, concentrating on metallurgical engineering, non-ferrous and mining engineering construction, high-end infrastructure, industrial construction, and emerging industries [2] - Post-transaction, China MCC will have a clearer positioning as a core platform under China Minmetals, focusing on engineering contracting and nurturing emerging industries [2] - The divestment of non-core assets will facilitate the efficient reallocation of human, financial, and management resources, enhancing operational stability and risk resistance [2] - China MCC will leverage its core advantages in engineering construction, technological innovation, and project management to create a more competitive full-industry chain ecosystem in collaboration with other business segments of China Minmetals [2]

Group 1 - The core point of the article is that China Metallurgical Group Corporation (601618.SH) announced a change in the use of raised funds from the A-share market, originally intended for the Afghanistan Aynak Copper Mine project, to be used for permanent working capital instead [1] - The company plans to transfer 100% of its subsidiary, China Metallurgical Copper and Zinc Co., Ltd., which holds a 75% stake in the Aynak Copper Mine project, to its controlling shareholder, China Minmetals Corporation [1] - As of the announcement date, the raised funds amounting to RMB 96,013 million (including interest until December 8, 2025) have not yet been utilized for the project [1] Group 2 - The board of directors approved the proposal to change the use of the remaining A-share raised funds from the Aynak Copper Mine project to supplement the company's working capital permanently [1] - The project operator, China Metallurgical Jiang Copper Aynak Copper Mine Co., Ltd., will no longer be included in the company's consolidated financial statements after the completion of the asset transfer [1]

Group 1 - The core viewpoint of the article is that China Metallurgical Group Corporation (China MCC) is selling non-core assets to focus on its main business and enhance its core competitiveness and sustainable profitability [1][2] - The company plans to sell 100% of its stake in MCC Real Estate and related debt to WISCO Property Holdings, as well as stakes in several other subsidiaries to China Minmetals [1][2] - The total transaction price for these asset sales is approximately RMB 6,067.63 million [1] Group 2 - This transaction is a strategic move to respond to the requirements for central enterprises to focus on their main responsibilities and optimize resource allocation [2] - Post-transaction, China MCC will concentrate on sectors such as metallurgical engineering, non-ferrous and mining engineering construction, high-end infrastructure, industrial construction, and emerging industries [2] - The company aims to enhance operational stability and risk resistance by reallocating human, financial, and management resources, leading to a clearer focus on its main business and improved management efficiency [2]